[...] IN THE ROMAN REPUBLIC THERE WERE SOCIETATES PUBLICANORUM, ORGANIZATIONS OF CONTRACTORS OR LEASEHOLDERS WHO PERFORMED TEMPLE BUILDING AND OTHER SERVICES FOR THE GOVERNMENT. ONE SUCH SERVICE WAS THE FEEDING OF GEESE ON THE CAPITOLINE HILL AS A REWARD TO THE BIRDS AFTER THEIR HONKING WARNED OF A GALLIC INVASION IN 390 B.C. PARTICIPANTS IN SUCH ORGANIZATIONS HAD PARTES OR SHARES.

[...]IN ONE SPEECH, CICERO MENTIONS "SHARES THAT HAD A VERY HIGH PRICE AT THE TIME."

[...] OTHER BLOWS TO FINANCIAL STABILITY RESULTED FROM THE HUNDRED YEARS WAR, WHICH CAUSED MONARCHS OF FRANCE AND ENGLAND TO DEFAULT ON DEBTS TO ITALIAN BANKS, AND THE BLACK DEATH, WHICH RAVAGED MUCH OF EUROPE.